Common use of Property Managers Clause in Contracts

Property Managers. Following the Contribution Date, Triad and Park shall jointly agree to the selection and/or replacement of property managers who will act as the facilities managers for Triad and the development mangers for Park as described in SCHEDULE 9.4 (the "PROPERTY MANAGERS"). On the Contribution Date, the Property Managers shall be actively employed by Triad for fifty percent (50%) of their time and by Park for fifty percent (50%) of their time. Park shall reimburse Triad for fifty percent (50%) of the Property Managers' salary and benefits listed on SCHEDULE 9.4. Triad shall have no liability to Park whatsoever arising out of the provision of services by its employees pursuant to this Section 9.4.